ITM.Trading

Long term channel support + candlestick reversal, MACD oversold

Long
NYSE:ARG   None
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Trade location is ideal for a long at the bottom of a well defined uptrending channel. The candlesticks shows signs of a reversal, which shows us an open above yesterdays close and a push higher. The push higher was met with sellers but in the context of the dramatic fall it implies that sellers are losing control and a reversal may occur. The MACD's dramatic blowout also implies oversold conditions. A stop below the channel and a target of 108.14 (0.236 fib) or 110.23 (0.382 fib) is appropriate.